Wallets and stablecoins present excellent opportunities in 2023, says Vitalkik Buterin
Ethereum co-founder has identified three key areas that would provide huge opportunities in the crypto space next year.
Vitalik Buterin believes stablecoins and wallets present exciting opportunities for innovators in the space.
Technical developments that contribute to the Ethereum blockchain are also another excellent opportunity.
There are opportunities in the stablecoin and wallet ecosystems
Vitalik Buterin, the co-founder of Ethereum, revealed in a recent interview with Bankless co-owner David Hoffman, that there are three key areas with excellent opportunities in 2023.
Buterin believes that the adoption wave for decentralised applications is now over and that there are opportunities for developers to come in and build new dApps. As a result, he encouraged developers to look towards other fields, especially wallets and stablecoins.
He pointed out that mass adoption of wallets is yet to be achieved in the cryptocurrency space. Buterin said more developments are needed to be made on wallet infrastructure to make crypto easier for everyone to use. He said;
“If you can make a wallet that a billion people will use — that’s a huge opportunity.”
Anyone that can achieve this has the potential to onboard billions of users to the cryptocurrency space.
Another area he discussed was stablecoins. They play a huge role in the crypto space and currently makeup 30% of the top 10 cryptocurrencies by market cap (USDT, USDC and BUSD).
Buterin believes that anyone that can build a stablecoin that is resistant to hyperinflation, is accessible globally, and can withstand on-chain and off-chain conditions, would be revolutionary. He said;
“If you can make a stablecoin that can actually survive anything up to, and including, a U.S. dollar hyperinflation […] that’s a huge opportunity as well if you can create something that will feel like a lifeline for everyone going through that situation.”
There is an opportunity in the technical development of Ethereum
The final area he talked about is the technical development around Ethereum. According to the co-founder, any technical developments that add toward Ethereum taking login powers away from tech giants Facebook, Twitter, and Google would allow the blockchain to capture more market dominance in terms of internet-based apps. Buterin said;
“If you can get signed in with Ethereum to work and if you can unseat Facebook and Google and Twitter as the login overlords of the internet, that itself is a huge opportunity, right?”
Buterin concluded that due to increasing competition and the maturation of the market, the opportunity to fill market gaps was becoming less obvious.
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